OBSI Joint Regulators Committee Releases Annual Report For 2020

The Canadian Securities Administrators (CSA), Investment Industry Regulatory Organization of Canada (IIROC) and the Mutual Fund Dealers Association of Canada (MFDA) recently released the 2020 annual report of the Joint Regulators Committee (JRC), which provides oversight of the Ombudsman for Banking Services and Investments (OBSI). The annual report provides an overview of the JRC's activities in 2020.

Of interest, the annual report notes that of the 456 cases of investment-related complaints during fiscal years 2018 to 2020 that ended with monetary compensation, 31 were settled below OBSI recommendations. According to the annual report, clients have ultimately received about $1.3 million less than OBSI recommendations since 2018. As it was last year, this remains an area of concern, and the JRC intends to continue monitoring client compensation that is inconsistent with OBSI recommendations.